AEROSPACE and defence firm Cobham has issued a profit warning after experiencing ‘challenging’ trading in recent months.

The company, which is based in Wimborne and employs around 1,200 people locally, has revealed profits have fallen short of management expectations during the third quarter.

It now anticipates profits will now be in the £255m to £275m range this year.

Subdued demand in the maritime satellite communications market has been highlighted as one reason for the shortfall, however, Cobham’s trading update - released yesterday - says this has been offset, in part, by limited revenue growth from the company’s next generation Ka band communication products.

Cobham, which has facilities at Bournemouth airport, is a market leader in air-to-air refuelling, aviation services, audio, video and data communications, defence electronics, life support and mission equipment.

The trading update statement read: “Following the underperformance in the third quarter, the group expects an improvement in fourth quarter trading from increased volumes in a number of areas.

“However, despite this the groups anticipated full year outcome is now below the board’s previous expectations, largely resulting from a continuation of issues seen in the year to date.”

Cobham’s preliminary results for the year ending December 31, will be announced on March 2, 2017.

“While good progress is being made in wireless by the new management team, this has been at a slower pace than expected, with some revenue deferral and additional costs incurred from increased resource requirements,” the company said.

“In integrated electronic solutions there have also been some additional costs and deferred revenue relating to the previously reported technical issues on a small number of space-related development programmes.

“However, these have largely been resolved in the third quarter.”

Cobham reported losses of £38 million in August, which was preceded by a profit warning and an emergency £506.7 million rights issue to reduce its debt pile.

The firm also parted company with chief executive Bob Murphy in the summer and replaced him with David Lockwood, currently boss of tech company Laird.

Mr Lockwood is set to join Cobham “no later” than January 1 next year.

Cobham, which employs more than 11, 500 people on five continents, has customers in more than 100 different countries. Shares in Cobham were down more than 13 per cent when the London market opened yesterday

Earlier this year a Cobham-sponsored classroom opened at Bournemouth and Poole College.

This classroom, dedicated to inspiring the next generation of engineers, opened at the college’s STEM (Science, Technology, Engineering and Maths) Centre in North Road, Poole.

The classroom included motivational graphics and illuminated cabinets containing examples of Cobham’s pioneering technology. It will be used to inspire the next generation of engineering apprentices taking part in the company’s award-winning apprenticeship programme.